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Wetherspoon's boss says shutdown would be 'over the top' Coronavirus: M&S determined to support customers like in war
(about 2 hours later)
The boss of one of the UK's biggest pub chains is keeping its pubs open despite the government's advice to avoid pubs. Marks & Spencer said it was preparing for the contingency that some of its stores may have to close temporarily.
Wetherspoon's chairman Tim Martin told the BBC a shutdown in the face of coronavirus would be "over the top". In a gloomy update on the coronavirus impact, the 136-year-old firm said clothes sales have suffered.
He said a sensible balance was for pubs to open but to implement "social distancing" measures, like no standing at the bar. But it added: "M&S has served customers without cease through two world wars [and] terrorist bombings and we are determined to support customers now."
Also on Friday the Wetherspoon's boss said his pubs would stay open, despite government advice to avoid pubs.
Tim Martin told the BBC there would be no pub closures despite the government's advice for people to avoid pubs. "In the early part of the current week, following the Prime Minister's advice to avoid pubs, sales have declined at a significantly higher rate," he said.
But a shutdown in the face of coronavirus would be "over the top", he said.
He said a sensible balance was for pubs to open but to implement "social distancing" measures, like no drinking at the bar.
'Prolonged downturn'
His stance is contrary to many other retail chains which have started to reduce hours or shut shops.His stance is contrary to many other retail chains which have started to reduce hours or shut shops.
Mr Martin said that Wetherspoon's sales were declining rapidly following the prime minister's advice to avoid pubs. Marks & Spencer said it was planning for a "prolonged downturn" in demand for clothing and home goods, although it expected its food business to trade profitably throughout.
In the six weeks to 8 March, like-for-like sales had increased by 3.2% and total sales by 2.9%. However, in the following week, to 15 It said it had benefited on a "small scale" as customers stocked up on food, but its "heavy bias to chilled and fresh means we are not seeing the forward buying uplift experienced by the major grocers".
March, sales declined by 4.5%. Nevertheless, it said it expects to benefit from the "significant shift" to eating at home. "Although there will undoubtedly be supply interruptions, we do not expect these to be prolonged or financially material."
"In the early part of the current week, following the Prime Minister's advice to avoid pubs, sales have declined at a significantly higher rate," he said. "At this stage we are not assuming a return to normal trading in the Autumn," the retailer added.
"It is obviously very difficult to predict, in these circumstances, how events will unfold in future weeks and months, but we now anticipate profits being below market expectations, so long as the current health scare continues." "However, our business model of operating parallel clothing and food businesses and our strategy to move online including the Ocado joint venture should provide more resilience than some single sector businesses."
As a result, he said it was impossible to provide "realistic guidance on our performance in the remainder of the financial year". But Marks & Spencer said it was "preparing for the contingency that some stores may have to close temporarily".
The company will delay most capital projects and delay expenditure where possible. In addition it has:
"As a result of these actions, combined with the government's proposals on business rates relief and credit guarantee facilities, the company believes it has sufficient liquidity to maintain operations at a substantially lower level of sales."
Elsewhere, other businesses have revealed details of how the pandemic is affecting them.Elsewhere, other businesses have revealed details of how the pandemic is affecting them.